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Telecoms Outlook 2026: Communicate, work and play

26 January 2026

In 2026, telecom companies will see somewhat higher revenues from upgraded 5G and fibre networks. Operators will work to get users onto fibre, while society increasingly demands space for children to play away from screens. Expect M&A, albeit non-transformational on a European scale

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TMT

European telecoms set to see modest growth in 2026

We remain constructive on the outlook for the European telecom sector. Sales should grow by 2%. EBITDA growth is likely a bit higher

TMT

Fibre operators need more time before the cash flow jaws open

Fibre is to become widely available by 2028 and pass through more than 80% of homes in 2026

TMT

European mobile networks lose ground in the global 5G race

Europe risks falling behind Asia, the USA, and the Middle East in 5G leadership

TMT

Defining moment for telcos as offline‑childhood trend accelerates

As research flags smartphone risks for children, telcos face pressure to define their role and offer safer digital options

TMT

M&A may provide a tailwind to the telecom sector in 2026

Expect more telecom mergers in 2026. We think consolidation is possible in Italy and France

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Telecoms Outlook 2026: Communicate, work and play

Our Telecoms Outlook explores key themes for the sector in 2026

Telecoms Telecom sector Telecom Fibre networks Broadband 5G

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This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument.
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